MENA Region Remains at Crossroads: A Panel Analysis Modelling Political Stability And Economic Freedom To Determine Economic Growth
Kamal, A., Kamel, E., Fadel, S., Esmits, M. (2023). MENA Region Remains at Crossroads: A Panel Analysis Modelling Political Stability And Economic Freedom To Determine Economic Growth. EKB Journal Management System, 2(3), 49-79. doi: 10.21608/msamsj.2023.225886.1021
Azza Kamal; Esmat Mostafa Kamel; Salah Ahmed Fadel; Marics Esmits. "MENA Region Remains at Crossroads: A Panel Analysis Modelling Political Stability And Economic Freedom To Determine Economic Growth". EKB Journal Management System, 2, 3, 2023, 49-79. doi: 10.21608/msamsj.2023.225886.1021
Kamal, A., Kamel, E., Fadel, S., Esmits, M. (2023). 'MENA Region Remains at Crossroads: A Panel Analysis Modelling Political Stability And Economic Freedom To Determine Economic Growth', EKB Journal Management System, 2(3), pp. 49-79. doi: 10.21608/msamsj.2023.225886.1021
Kamal, A., Kamel, E., Fadel, S., Esmits, M. MENA Region Remains at Crossroads: A Panel Analysis Modelling Political Stability And Economic Freedom To Determine Economic Growth. EKB Journal Management System, 2023; 2(3): 49-79. doi: 10.21608/msamsj.2023.225886.1021

MENA Region Remains at Crossroads: A Panel Analysis Modelling Political Stability And Economic Freedom To Determine Economic Growth

MSA-Management Sciences Journal
Volume 2, Issue 3, August 2023, Page 49-79  XML PDF (701.59 K)
Document Type: Original Article
DOI: 10.21608/msamsj.2023.225886.1021
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Authors
Azza Kamal email orcid 1; Esmat Mostafa Kamelorcid 2; Salah Ahmed Fadelorcid 3; Marics Esmitsorcid 4
1Economics Department, Modern Sciences and Arts University, Ontario, Canada
2Economics Department, Modern Sciences and Arts University, Cairo, Egypt
3Department of Economics, Modern Sciences and Arts University, Giza, Egypt
4Managing Director, Ticon Holdings Inc., Ontario, Canada
Abstract
Political and economic instability have been among the most critical issues facing the Middle East and North Africa (MENA). This paper seeks to revisit the theoretical and empirical literature to assess the region’s economic growth indicators after more than 10 years of the Arab Spring events with the aim of assessing how political stability and higher scores of economic freedom affect economic growth in 14 MENA region countries over a time span of 20 years from 2001- 2021. The main econometric estimation uses the Arellano–Bover/Blundell–Bond model via a Generalized Method of Moments (GMM) estimator to address the endogeneity and reverse causality existing between political and economic freedom measures and economic growth. The main findings detect a positive relationship between political stability and economic growth across robust estimations, whereas a positive relationship was confirmed for most of the overall economic freedom index components to impact economic growth, namely, business freedom, investment freedom, and judicial effectiveness.
Keywords
Economic Growth; Governance; GMM; Arab countries
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